Payment held till after due date, I'm I responsible?

[divemedic]

Originally Posted by vsjhoc

I read on another thread that the 30 days starts on the last date of the billing cycle, NOT the bill due date. Agree?

No, I would say that the day it is due starts that clock.

[breathing_easier]

Originally Posted by Methuss

Sorry breathing, I forgot to mention in my reply. The Verizon rep was 100% wrong. They cannot list a 30 day late unless it is actually 30 days late. Anything else is false reporting. I had that battle with Countrywide and they lost.

I agree. I debated with the Verizon rep but he wouldn't budge. I thought about writing my state's AG but then Verizon solved the problem by deleting the entire TL under their no reporting unless severely delinquent policy. In hindsight I should have alerted the AG anyway as to Verizon's definition of a 30-day late. I'm still with them, though...10 years and counting...as I have been happy with their service.

The rest had to do with filing a dispute with the OC. Yes the OC does have to respond to disputes from consumers; although the "validation" thing is just bad terminology. Credit card issuers must follow the FCBA which also means handling disputes regarding any billed item wether it be merchandise, service, fees or interest.

You're right...I should have pointed that out. The OP just needs to make sure to quote the FCBA and not the FDCPA.

[sr28b]

Originally Posted by divemedic

No, I would say that the day it is due starts that clock.

Section 2-2 of the Credit Reporting Resource Guide's “Industry Standard For Reporting Account Delinquency” confirms that.

[direred]

Originally Posted by vsjhoc

I read on another thread that the 30 days starts on the last date of the billing cycle, NOT the bill due date. Agree?

According to the CDIA (Consumer Data Industry Association), these are the reporting guidelines (page 6-3 of the 2004 Metro 2 book, called "Credit Reporting Resource Guide" as mentioned in above post):

10. Question: How are delinquencies calculated?

Answer: Delinquencies should be calculated from the due date. For consumer reporting purposes, an account is not deemed to be delinquent until it is at least 30 days (Account Status Code 71) past the due date.

That is the agreed-upon standard by the CRAs, the software vendors, and the industry association.

Also, as mentioned above, page 2-2 also covers it.

2-2 says (among other things): "The "clock" for a 30-day delinquency starts 30 days after the due date, as opposed to the billing date."

[TheLookingGlass]

This was resolved by Lowes calling me with an apology and clearing my account of any balance. I did not receive a letter to that effect.

[livnmywy]

way to go!

[NightOwl1969]

Fair Credit Billing Act:

§ 164. Prompt crediting of payments
“Payments received from an obligor under an open end
consumer credit plan by the creditor shall be posted promptly
to the obligor's account as specified in regulations of the Board.
Such regulations shall prevent a finance charge from being
imposed on any obligor if the creditor has received the
obligor's payment in readily identifiable form in the amount,
manner, location, and time indicated by the creditor to avoid
the imposition thereof.